A year after he died, the King of Pop gets richer
June 23, 2010, Wednesday
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Print Edition
THE money is rolling in. The bills are being paid. And all those people who said Michael Jackson might earn more in death than in life are being proved right.
Like the estates of Elvis Presley and Yves Saint Laurent, Jackson's has grown immensely since he died on June 25, 2009.
Without Jackson's lavish spending sprees, and with the help of new revenue pouring in from nostalgia over the reign of the King of Pop, estate co-executors John Branca and John McClain have dramatically turned around Jackson's finances.
A kingdom that was on the verge of collapse from more than US$500 million in debt now looks to be able to support his three children and his mother and donate healthily to children's charities.
The estate has earned more than US$250 million in the year since he died. Executors used some of that to pay off US$70 million in debt, including the US$5 million mortgage on the Jackson family compound in Encino, part of Los Angeles.
"They're off to a spectacularly good start," said Lance Grode, a former Jackson lawyer and adjunct professor at the University of Southern California Law School. He added, however, "there's a long way to go before they pay off all of their debts."
A posthumous deal to sell unreleased Jackson recordings with Sony Music guaranteed US$200 million over seven years. It has already brought US$125 million to the estate.
The film "This Is It," based on his final concert rehearsals, grossed US$252 million worldwide.
Sony Music said more than 31 million Jackson albums had been sold worldwide since he died. With 8.3 million albums sold in North America, he was the top-selling artist in 2009.
An album of unreleased material is set to hit stores in November.
Like the estates of Elvis Presley and Yves Saint Laurent, Jackson's has grown immensely since he died on June 25, 2009.
Without Jackson's lavish spending sprees, and with the help of new revenue pouring in from nostalgia over the reign of the King of Pop, estate co-executors John Branca and John McClain have dramatically turned around Jackson's finances.
A kingdom that was on the verge of collapse from more than US$500 million in debt now looks to be able to support his three children and his mother and donate healthily to children's charities.
The estate has earned more than US$250 million in the year since he died. Executors used some of that to pay off US$70 million in debt, including the US$5 million mortgage on the Jackson family compound in Encino, part of Los Angeles.
"They're off to a spectacularly good start," said Lance Grode, a former Jackson lawyer and adjunct professor at the University of Southern California Law School. He added, however, "there's a long way to go before they pay off all of their debts."
A posthumous deal to sell unreleased Jackson recordings with Sony Music guaranteed US$200 million over seven years. It has already brought US$125 million to the estate.
The film "This Is It," based on his final concert rehearsals, grossed US$252 million worldwide.
Sony Music said more than 31 million Jackson albums had been sold worldwide since he died. With 8.3 million albums sold in North America, he was the top-selling artist in 2009.
An album of unreleased material is set to hit stores in November.
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